ICE and Ornn to launch GPU compute futures contracts

Intercontinental Exchange (NYSE: ICE) and compute startup Ornn announced plans Tuesday to launch a suite of GPU compute futures contracts. The products will be based on Ornn’s Compute Price Index (OCPI), which tracks live-traded spot prices for GPU compute across major hardware types. The contracts will be $-denominated and cash-settled, pending regulatory approval.

OCPI is built from printed transactions rather than surveys or quotes, according to the announcement. Contracts may reference the OCPI series covering Nvidia’s H100, H200, B200, and the RTX 5090, with additional GPU types to follow as the market develops.

“As AI has rapidly moved from research labs and academic campuses to becoming one of the most important drivers for the global economy, the market for compute has evolved just as quickly and is in desperate need of a globally accepted pricing mechanism and risk management tool,” Trabue Bland, SVP of Futures Markets at ICE, said. “Ornn’s index, which is bringing greater transparency into the volatile cost of GPUs, is a natural fit for futures markets.”

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Ornn describes itself as a compute company building financial markets for AI. The company publishes OCPI on the Bloomberg Terminal and operates a separate exchange venue for compute risk transfer. Ornn said the first compute swap using cleared prices was executed in December 2025.

“Compute has grown into a trillion-dollar market, yet it still lacks the pricing and risk-transfer infrastructure that every other major commodity relies on,” Kush Bavaria, co-founder and CEO of Ornn, said. “Listing futures on ICE puts the risk-transfer layer in front of the institutional buyers and operators who need it most.”

ICE is joining a small but growing group of venues targeting compute derivatives. In January 2026, Architect Financial Technologies said its AX exchange would launch futures tied to GPU and DRAM prices using Ornn’s benchmark data. Earlier this month, CME Group said it planned to launch compute futures with Silicon Data, also pending regulatory review.

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The contracts will launch subject to regulatory approval, ICE said.